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LIBERTY NAT. BANK & TRUST CO. v. C. I. R.

No. 79-1891.

650 F.2d 1174 (1981)

LIBERTY NATIONAL BANK AND TRUST COMPANY, Trustee of Oharco Liquidating Trust, Plaintiff-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Defendant-Appellant.

United States Court of Appeals, Tenth Circuit.

June 10, 1981.

Attorney(s) appearing for the Case

Peter B. Bradford, Oklahoma City, Okl. (Judson S. Woodruff, Frank D. Hill, and Terry R. Hanna of McAfee, Taft, Mark, Bond, Rucks & Woodruff, a Professional Corp., Oklahoma City, Okl., with him on the brief), for plaintiff-appellee.

Michael L. Paup, Washington, D. C. (M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Jonathan S. Cohen, and Helen A. Buckley, Tax Division, Dept. of Justice, Washington, D. C., with him on the brief), for defendant-appellant.

Before McWILLIAMS and McKAY, Circuit Judges, and WEST, District Judge.

McWILLIAMS, Circuit Judge.

The only issue on appeal is whether the Tax Court erred in holding that a corporation, after electing to liquidate under the provisions of Internal Revenue Code (I.R.C.) § 337 (1954), is entitled to recognize a loss because it accepts less than face value as the sale price for its trade accounts and notes receivable.1 We conclude that the Tax Court did not err in so ruling.

The essential facts are...

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